APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-limited" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal Limited (1229Z AU)</a> is looking to raise US$234m in its upcoming Australia IPO. </li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>



Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. 
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia. 
In this note, we will talk about the positive aspects of the deal.


Cuscal Pre-IPO - The Positives - Monetising Its Connections and Benefiting from Tailwinds

Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds.</li>
<li>The expectations for the upcoming quarter are high and the second half of the fiscal year is also likely to be more challenging.</li>
<li>This creates certain risks for the share price that are not necessarily priced in at the moment.</li>
</ul>


Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds.
The expectations for the upcoming quarter are high and the second half of the fiscal year is also likely to be more challenging.
This creates certain risks for the share price that are not necessarily priced in at the moment.


Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering

<ul>
<li>Block's share price has remained relatively flat over the past year, but that's hardly good news.</li>
<li>The highly supportive outside environment was not able to propel the share price anywhere near its previous highs.</li>
<li>When adjusting for risks, Block remains as one of the worst performers within its peer group, according to analysts.</li>
</ul>


Block's share price has remained relatively flat over the past year, but that's hardly good news.
The highly supportive outside environment was not able to propel the share price anywhere near its previous highs.
When adjusting for risks, Block remains as one of the worst performers within its peer group, according to analysts.


Block: When A Flat Share Price Is A Cause Of Concern

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat.</li><li>On a non-GAAP currency-neutral basis, excluding extraordinary items, adjusted net revenues were up 15% and adjusted operating income was up 17% over the prior year.</li><li>Payment network net revenue climbed 10%, driven by domestic and cross-border transaction and volume growth and a rise in rebates and incentives.</li></ul>

Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat.On a non-GAAP currency-neutral basis, excluding extraordinary items, adjusted net revenues were up 15% and adjusted operating income was up 17% over the prior year.Payment network net revenue climbed 10%, driven by domestic and cross-border transaction and volume growth and a rise in rebates and incentives.

Mastercard Incorporated: Expanding Global Footprint Enough To Compete With Visa? – Key Drivers

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
</li>
<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
</ul>


The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

United States

MasterCard, Inc. is a global payment solutions company that provides a variety of services in support of the credit, debit and related payment programs of financial institutions. The Company offers transaction processing services for credit and debit cards, electronic cash, automated teller machines, and travelers checks.

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Mastercard (MA US)

Cuscal Pre-IPO - The Positives - Monetising Its Connections and Benefiting from Tailwinds

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering

Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds. The expectations for the upcoming...

Vladimir Dimitrov, CFA

Mastercard Incorporated: Expanding Global Footprint Enough To Compete With Visa? – Key Drivers

Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat. On a non-GAAP currency-neutral...

Baptista Research

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Cuscal Pre-IPO - The Positives - Monetising Its Connections and Benefiting from Tailwinds

Cuscal Limited (1229Z AU) is looking to raise US$234m in its upcoming Australia IPO. In this note, we will talk about the positive aspects of the...

Clarence Chu

Visa Earnings: Business Momentum Is Likely To Be Sustained, But Clouds Are Gathering

Visa continues to deliver as the company fully capitalizes on recent macroeconomic and industry-wide tailwinds. The expectations for the upcoming...

Vladimir Dimitrov, CFA

Block: When A Flat Share Price Is A Cause Of Concern

The highly supportive outside environment was not able to propel the share price anywhere near its previous highs. When adjusting for risks, Block...

Vladimir Dimitrov, CFA

Mastercard Incorporated: Expanding Global Footprint Enough To Compete With Visa? – Key Drivers

Mastercard had solid revenue and earnings growth in the latest quarter and started 2023 with an all-around beat. On a non-GAAP currency-neutral...

Baptista Research

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon